It only makes sense for Bautista to be a Blue Jay. It's quite a risk to sign him to a multi-year deal right now if you're another team and I don't think many teams would pay him $17 million or more on a one-year deal since they'd have to give up a first-round pick.
Add all that up and it sounds like Jays sign him for $18 million on a one-year deal.
As for Loup, yeah he may be a left hander but that doesn't mean he should come back. I'm a left hander and I would fill that spot in the rotation for much less than he's making.